Bridge Investment Pays $57M for Tampa Office Building

Tampa Commons. Image courtesy of Bridge Investment Group

Bridge Investment Group has acquired Tampa Commons, a 253,922 square-foot office building in Tampa, Fla., through its subsidiary, Bridge Office Fund Manager. The acquisition marks the firm’s return to the metro Tampa Bay market, after selling its last local property in 2019.

Angelo Gordon sold the Class A property for $56.5 million, according to Yardi Matrix data, with the assistance of Eastdil Secured. The buyer also took out a $28.9 million loan from Wells Fargo Bank for the purchase. The asset last traded in 2017, in a 1.3 million-square-foot portfolio transaction involving seven office buildings across Florida, Pennsylvania and the Carolinas.

Situated on 3.4 acres at 1 N. Dale Mabry Highway in the Westshore submarket, the 13-story building came online in 1985 and was most recently renovated in 2018. The $3 million improvements included the parking garage renovation, first-floor lighting, floors and furniture upgrades, as well as the addition of a tenant conference room and concierge desk.

The new owner intends to make more investments at the property to be renamed as 1 North Dale Mabry. Planned improvements and amenities include a new fitness center, an upgraded outdoor seating area and move-in-ready suites. CBRE’s Ryan Reynolds, John Heald and Jackson Kilcoyne will spearhead all leasing activity at the building that is currently 83 percent occupied, according to Bridge.

Tampa Commons is some 3 miles west of downtown Tampa at the intersection of Dale Mabry and Kennedy Boulevard. Midtown Tampa, the $500 million mixed-use project slated for a February 2021 delivery, is roughly one mile north.